Milbank increased its firmwide revenue by 15% in 2025, crossing the $2bn mark for the first time with $2.14bn in total turnover.
Firmwide profit per equity partner (PEP) also increased, climbing 12.1% to $7.62m from $6.8m the previous year.
The US firm’s City office reported revenue of $366.2m – up 11% from $329.2m in 2024, which itself marked a standout year with a 40.8% topline surge in London.
The London figures were boosted by headcount growth, with the number of lawyers in the office up from 230 to 237, including 43 partners, up from 40 in 2024.
In March last year, the firm added a four-partner infrastructure team from White & Case in the City. Corporate partners Tim Sheddick and Tom Pound joined as co-heads of Milbank’s European infrastructure offering alongside infrastructure finance partner Katie Hicks and former White & Case associate Jonathan Toffolo.
In October, real estate partners Miles Flynn and Rehan Hanif joined the office from Paul Hastings to launch a European real estate practice.
The firm was also active in Singapore, hiring partner Maurice Conway into its global corporate M&A group from Kirkland & Ellis. The firm now has eight partners in this office, according to its website.
In January 2025, the firm closed its Beijing office, following the likes of Sidley Austin, Latham & Watkins and Orrick, which have all closed offices in China in recent years amid fears around data privacy and cyber security.
The office housed one partner Shepard Lui, and two associates. Lui has since retired and the associates departed. Milbank retains APAC offices in Hong Kong, Seoul, Singapore and Tokyo.
Key mandates for Milbank in 2025 include advising longstanding client Blackstone on multiple transactions. In February, it advised HPS Investment Partners and Blackstone Credit & Insurance on the €1.3bn refinancing of sports entertainment operator Superbet Group.
Moving into 2026, Milbank has secured a role advising the financing sources in connection with Bridgepoint’s acquisition of a majority stake in Interpath from H.I.G. Capital, in a deal valued at over $1bn and expected to close in the second half of the year.
